![]() ![]() These transactions are most often initiated by the consumer via a plastic access card. POS/SHR – Point of Sale Entry/Shared Network Transaction – These two ACH SEC Codes represent point of sale debit applications in either a shared (SHR) or non-shared (POS) environment. ![]() Standing authorizations have also been successful for bills where the amount does vary, such as utility payments. Insurance premiums, mortgage payments, and installment loan payments being the most prominent examples. This concept has met with appreciable success in situations where the recurring bills are regular and do not vary in amount. Through standing authorizations, the consumer grants the company authority to initiate periodic charges to his or her account as bills become due. Companies with billing operations may participate in the ACH through the electronic transfer (direct debit) of bill payment entries. Preauthorized Bill Payment (debit) – Preauthorized payment is a debit application.The funds being deposited can represent a variety of products, such as payroll, interest, pension, dividends, etc. Direct Deposit (credit) – Direct deposit is a credit application that transfers funds into a consumers account at the Receiving Depository Financial Institution.PPD – Prearranged Payment & Deposit Entry ![]() The source document, which is voided by the merchant and returned to the consumer at the point-of-purchase, is used to collect the consumer’s routing number, account number and check serial number that will be used to generate the debit entry to the consumers account. These Single Entry debit entries are initiated by the originator based on a written authorization and account information drawn from the source document (a check) obtained from the consumer at the point-of-purchase. POP – Point-of-Purchase Entry – This ACH debit application is used by originators as a method of payment for the in-person purchase of goods or services by consumers. The PBR format accommodates detailed information unique to crossborder payments (e.g., foreign exchange conversion, origination and destination currency, country codes, etc.). This SEC Code allows cross-border payments to be readily identified so that financial institutions may apply special handling requirements for cross-border payments, as desired. PBR – Consumer Cross-Border Payment – This ACH SEC Code is used for the transmission of consumer crossborder ACH credit and debit entries. MTE – Machine Transfer Entry – The ACH Network supports the clearing of transactions from automated teller machines, i.e., Machine Transfer Entries (MTE). ![]() All of this will support the process of accounts receivable services to make sure that payment is made.ĬIE – Customer Initiated Entry – Customer Initiated Entries are limited to credit applications where the consumer initiates the transfer of funds to a company for payment of funds owed to that company, typically through some type of home banking product or bill payment service provider. The consumer’s source document (i.e., the check) is used to collect the consumer’s routing number, account number, check serial number, and dollar amount for the transaction. mail or at a dropbox location for the payment of goods or services. Below is a list of ACH SEC Codes (Standard Entry Class) codes for ACH Processing, which includes Consumer, Commercial and Miscellaneous ACH Processing Transaction Types.ĪRC – Accounts Receivable Entry – This ACH SEC Code enables originators to convert to a Single Entry ACH debit a consumer check received via the U.S. ![]()
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